Schwab moves from transaction to fee-based programs

Charles Schwab CEO Walt Bettinger reaffirmed the company's plan to focus on fee-based accounts in a meeting with analysts, saying the goal is to move away from transaction accounts and make fee-based managed assets and interest revenue "the vast majority of revenue" for the company. Fee-based accounts are 17% of the firm's assets, and valued at $138 billion, Schwab officials say.